Philadelphia Multifamily Wrap-Up – June 2020

51 Washington. Rendering courtesy of LCOR and Visualisation One

Philadelphia slowly began to come back to life in June, as the city started on its long road to reopening. On June 26, the metro relaxed some of its lockdown restrictions, though a spike in COVID-19 cases emerged, leading to a new, lengthier reopening process. Despite increased uncertainty, the metro’s multifamily sector saw some notable activity, building off historically strong fundamentals. Not long after Governor Wolf permitted construction to resume statewide in May, development activity is now picking up steam, with several projects breaking ground. Here’s our June selection of Philadelphia must-reads:

1. DEVELOPMENT – LCOR debuts luxury community in Conshohocken.

The developer broke ground on the 304-unit, transit-oriented 51 Washington, with expected completion in the early fall of 2022. Webster Bank is providing construction financing for the seven-story, Niles Bolton-designed project. CBG Building Co. is the general contractor. The high-end property, located steps away from the Conshohocken SEPTA station, will feature studio, one- and two-bedroom floorplans. Amenities will include an outdoor pool, formal lounge and fitness center.

2. DEAL – Tryko Partners expands Greater Philly portfolio.

The company made its fourth regional investment with the acquisition of Harlee Manor and Springfield Commons, a two-property skilled nursing and personal care campus totaling 173 beds in Springfield, Pa. Rebranded as Springfield Enhanced Senior Living, the asset occupies more than 6 acres at 463 W. Sproul Road. Tryko intends to invest $2.5 million in capital improvements at the facility providing nursing, rehabilitation, respite, dementia care and personal care services.

3. DEVELOPMENT – GMH Capital kicks off 225-unit Malvern project.

In partnership with AWE Capital Management, the developer started construction on The Pendleton at Malvern, a multifamily project underway alongside Philadelphia’s Main Line. Upon completion, the four-story building at 554 Lancaster Ave. will have a mix of studio, one- and two-bedroom floorplans along with various amenities such as a resort-style pool, fitness center and motion studio. Delivery is slated for next summer.

4. LOAN – Colliers secures financing for two historic Rittenhouse assets.

A private investor received $4.2 million for the acquisition and capital expenditures of two adjoining residential properties on Rittenhouse Row. According to PropertyShark, the four-story buildings with ground-floor retail, located at 1935 and 1937 Chestnut St., date back to 1885. Senior Finance Director Robert Beckman of Colliers Capital Markets led the team facilitating the transaction.